Updated 12-26-2021 | 5 min read

The gig crypto-economy is coming to the console, phone, tablet or PC. Earn while you learn, play, create and socialize.

Play to earn

TLDR

The labor-to-earn models has evolved to include many options like:

  • Learn-to-earn (LTE) where you accumulate crypto based on lessons and tests specific to a blockchain brand.

  • Participate-to-earn (PTE) where you get rewards for your posts, likes and shares in social media like with Minds.

  • Create-to-earn (CTE) where your creations are sold as some kind of collectible or NFT, like on OpenSea, or your playlist on Audius.

  • Play-to-earn (PTE) where you buy, sell, farm, collect in-game NTFs as part of your battles, adventures and in-game dynamics.

  • Play-for-purpose (PFP) whre you have a way to influence a cause of your concern, like climate change, with a game like Zeedz.

Play-to-Earn (PTE)

If you like to play electronic games there is not a better time to make some money while enjoying one of your favorite titles.

While for some Play-to-Earn (PTE) or GameFi, is a relatively new concept, there are some names that have proved it juicy for players and investors alike.

If you are incredulous just search for Axie Infinity.

In the Axie world, each purchased character can be resold (investment), breed to increase the size of your money making army and the loot of your battles, known as Smooth Love Potion, sold for real money.

Complete digital economies are built where you farm or collect in-game currency, token, crypto or some kind of Non-Fungible Token (NTF). The accessories could serve an in-game functionality or be a way to customize your character, transform it stetics or personalize your little owned world, land, or hero.

According to CoinMarketCap, the crypto coins and crypto tokens used to Play to Earn have a market capitalization of $14 638 162 490 and a trading volume of $2 535 659 558 as for October 28, 2021.

Play-for-Purpose (PFP)

What if the money is not your only incentive?

With the modality of Play-for-Purpose (PFP), you have a way to influence a cause of your concern, besides getting other economic benefits related to in-game dynamic or the trading of characters (NTFs).

As an example, look at Zeedz. The earning of this game are shared with ONGsand organizations that work against the climate change and for the protection of the environment.

Also Zeedz works to increase public awareness, involving and identification, baking the game dinamic with aspects of the environment and your real local-weather.

Labor-to-Earn models

It is not just for games, other options includes:

  • Learn-to-Earn (LTE) where you accumulate crypto based on lessons and tests specific to a blockchain brand;
  • Participate-to-Earn (PTE) where you get rewards for your posts, likes and shares in social media like with Minds.
  • Create-to-Earn (CTE) where your creations are sold as some kind of collectible or NFT, like on OpenSea, or your playlist on Audius.

The opportunities for all stakeholders are unique and infinite.

The crypto revolution has created a way to share the profit with the community while participating in different endeavors, art collection, gaming, social ownership and investing as part of a Decentralized Autonomous Organization (DAO), you name it.

It is just the beginning, a horde of fans, gamers, investors, artists, curators, collectors, punks, Sci-fi enthusiast, digital explorers, makes their reality transcend to the virtual, to the game, to the metaverse.

The time is not just fused with the new space, but allows to reclaim a portion of the gains hence it is not anymore a mere time lost, it is time invested by having ownership of your joy and community interactions, reflected in the value of the characters and items that you own, or the price of the tokens that you stockpile.

By the rules of virtual communities and the nature of the blockchain, there is a way to have a say in the decisions and a portion of the pie. Not anymore a mere customer, gamer or user. No exclusivity to the company, publisher, or gallery.

The decision making hierarchy gets flat, the censure lost by the effect of decentralized organization and functioning, the harvesting of your personal data is phase out by permissionless protocols where you can selectively decide what info to reveal to perform the transaction at stake and still be held responsible for any transgression because everything is stored in the blockchain, inmutable, transparent, open to be audited by everybody.

Blockchain and crypto issues, risks and concerns.

Of course there are risks related to a nascent technology that has yet to mature but for a few decades has proven its validity. Risks and opportunities are different faces of the same coin. Sure, you have your own opinion about that.

Blockchain and crypto currencies still have room to improve in security, fraud detection, user entry barriers in terms of usability, learning curve, transaction speed and environmental impact, to name a few.

Different protocols, organizations, and DAOs have different levels of maturity and development. Like in other areas there are people that try to prey on others.

Be cautious, do diligent research, don’t share your passwords or seed phrases and protect it properly. Be aware of the risks, this new world is not exempt from scams, ponzi schemes like organizations and adventures.

You know the level of risk that you can tolerate, and the level of investment you can afford. But remember it is just the beginning in this new era where you earn while learning exciting stuff, playing your loved titles and making your greatest creations.

Keep me in the loop!

Created by Yampier Medina

© 2020 MIT Licence